OncoGenex Technologies Withdraws Initial Public Offering

    VANCOUVER, March 7 /CNW/ - OncoGenex Technologies Inc. announced today
that the company has withdrawn its registration statement from the U.S.
Securities and Exchange Commission, citing market conditions as a deterrent to
completing its initial public offering.
    "Due to the recent adverse market conditions, we have decided not to move
forward with an initial public offering at this time," stated Scott Cormack,
President and Chief Executive Officer of OncoGenex. "We anticipated pricing
our initial public offering on February 27, coincidentally the same day that
the equity markets suffered the largest one-day decline in four years. Given
current market conditions, we believe it is in our shareholders' best interest
to withdraw our initial public offering and continue to focus on delivering
results from our phase 2 programs.
    "We have the resources to complete our five ongoing phase 2 clinical
trials with our lead product candidate, OGX-011, in prostate, breast and
non-small cell lung cancers," added Cormack. "We expect to have primary
endpoint data from all five of these trials by the end of this year, and we
look forward to reporting data in the appropriate forums."

    About OncoGenex
    OncoGenex is committed to the development and commercialization of new
cancer therapies that address treatment resistance in cancer patients.
OncoGenex currently has three product candidates in development: OGX-011,
OGX-427 and OGX-225. These product candidates are designed to selectively
inhibit the production of proteins that are associated with treatment
resistance and that are over-produced in response to a variety of cancer
treatments. OncoGenex' aim in targeting these particular proteins is to
disable the tumor cells' adaptive defenses, render the tumor cells susceptible
to attack with a variety of cancer therapies including chemotherapy, and
facilitate tumor cell death. More information on OncoGenex and the company's
pipeline is available at www.oncogenex.ca.

    Forward-looking Statements
    This press release may include forward-looking statements. Statements
regarding future events, expectations and beliefs of management and other
statements that do not express historical facts, are forward-looking
statements. Words such as "believe", "may", "will", "estimate", "continue",
"anticipate", "intend", "expect", "plan", "predict", "potential" and similar
expressions, as they relate to OncoGenex, our business and our management, are
intended to identify forward-looking statements. We have based these
forward-looking statements largely on our current expectations and projections
about future events and financial trends affecting the financial condition of
our business. Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on information available at the
time those statements are made and/or management's good faith belief as of
that time with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences include, but
are not limited to: delays or unfavorable results from our current and planned
clinical trials; our ability to establish and maintain intellectual property
protection for our product candidates; our access to additional capital; our
ability to enter into and maintain relationships with third parties, such as
licensors, manufacturers, suppliers and those who conduct clinical trials for
us; our ability to enroll patients for our clinical trials; our ability to
implement and manage our sales and commercialization initiatives; the impact
of competition and technological change; the timing of necessary regulatory
clearances; coverage and reimbursement policies of governmental and private
third-party payors, including the U.S. Medicare and Medicaid programs; general
economic and business conditions, both nationally and in our markets; our
ability to attract and retain key management and scientific personnel;
existing and future regulations that affect our business; and other factors
included in OncoGenex's filings with the United States Securities and Exchange
Commission and the Canadian securities regulators.
    In light of these risks and uncertainties, forward-looking events and
circumstances included in this presentation may not occur and actual results
could differ materially from those anticipated or implied in the
forward-looking statements.
    Forward-looking statements speak only as of the date the statements are
made. You should not put undue reliance on any forward-looking statements. We
assume no obligation to update forward-looking statements to reflect actual
results, changes in assumptions or changes in other factors affecting
forward-looking information, except to the extent required by applicable
securities laws. If we do update one or more forward-looking statements, no
inference should be drawn that we will make additional updates with respect to
those or other forward-looking statements.

For further information:

For further information: OncoGenex Contact: Scott Cormack, President &
CEO, (604) 630-5400, scormack@oncogenex.ca; Media Contact: Jason Spark, Porter
Novelli Life Sciences, (619) 849-6005, jspark@pnlifesciences.com

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890